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According to Gamasutra, Lucasarts and BioWare are preparing to announce a new title that's "been rumored about for years." While there's no word on what that title actually is, the easy money seems to be on an MMO iteration of the Knights of the Old Republic franchise.
While the series was wildly popular on the original Xbox and is frequently heralded as among the best Star Wars games ever made (though that's not saying much), there hasn't been any concrete news on a next-gen follow-up. While this won't be the first MMO for the license, the previous attempt, Star Wars Galaxies was met with mixed reception both in it's original version and after a huge patch that was supposed to solve the worst balance issues.
Personally, I'd prefer an offline follow-up as I'm one of those ancient relics who doesn't enjoy the time-sinks that are MMOs but an online KOTOR would be an almost sure-fire cash printer. It's also entirely possible (and fairly likely) that a true sequel will come along at some point so the rest of us aren't completely out in the cold.
Whatever the game is, it's sure to be Star Wars related with Lucasarts attached and it's sure to be quality with Bioware attached -- Hard to complain about that. The official announcement will come shortly on Oct. 21st.